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GBP/USD – watch out for rebound from 1.4403

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
UK data released a few minutes ago was upbeat given the sharp spike in average hourly earnings including bonus. Exclusive of bonus, wage growth was slightly slower-than-expected. Meanwhile, jobless claims dropped as well.

The small fall in the headline claimant count measure in April             was dwarfed by the upward revision to the March figure, with 8,000 claimants added to that month taking the total to a rise of 14,700.

Thus, the drop in GBP/USD             could be a trap.

Outlook

  • Watch out for a rebound from 1.4403-1.4410 levels as in the light of an upbeat UK data, such a rebound could translate into a convincing break above 1.4441 followed by a rally to 1.4480-1.45 levels.
  • On the lower side, an hourly close below 1.4403 would shift risk in favor of extension of losses to 1.4368 levels.

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